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Level 1

Medicare and Health Insurance premium - covid/ tax credit - covid

I have followed the instructions from the article "how to track paid leave and sick time for the coronavirus".  I created medicare and health insurance premium credit accounts by mapping to the created COVID 19 expense for both the liability and expense account.  Did the same thing for the tax credit.  I've used the credit against our payroll taxes and yet we still have a balance in my health insurance premium and medicare accounts.  Can someone tell me if mapping the liability and expense account to the same COVID 19 expense account correct?  Can someone also tell me if the tax credit account should also be mapped that way?  I've chatted with two QB customer service reps who are both unsure after I've send them attachments of our reports.

1 Comment 1
Susan T8
Level 3

Medicare and Health Insurance premium - covid/ tax credit - covid

Have you looked at the Quickbooks "How to claim my tax credits under the FFCRA" instructions? After you create payroll liabilities you add the National Paid Leave Credit and Health Premium to the "check".  This zeroes out the liabilities.



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